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The Big Story: Association overhaul

More and more brokers are asking what their associations are doing to earn their dues. The answer, reports Jemima Codrington, depends on whom you ask.

Video transcript below:

Jemima Codrington, Mortgage Broker News

Jemima Codrington: Regional, provincial, national, these days it seems Broker Associations are popping up faster than celebrity scandals. But is it finally time for a single voice to represent broker needs? Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

Some experts are calling for the creation of one national federally mandated association to lobby on behalf of broker interests. But is this really necessary? And would it really help?

James Smythe, The Dominion Lending Centres Central

James Smythe: As far as how many broker associations are across Canada, I like the fact we get sort of a national representation from CAAMP. I think that I would like to see that reinforced and strengthened. I would like to see more of a broker presence in the CAAMP forum, but I also like the fact that there are regional representations through Associations like AMBA. I feel that they tend to tackle things that are more provincially focused and so I think that in most cases, having more than one association actually is to our advantage.

Jemima Codrington: Some brokers believe that representations on numerous levels is a good thing.

James Smythe: With respect to the idea that it’s time for one organisation to represent brokers, at this point in time I think that you know based on regional disparities, based on the fact that there is multiple legislations, you know depending on the province that you are in, I think it’s probably not a bad idea to have a two tier system. I like the idea of thinking that there is somebody that represents us nationally and I also like the idea that somebody is looking out for regional needs. So I think that probably at this point, it’s better to have two.

Brokers have been hiring new agents from time immemorial, but new pressures around commission splits and training are adding to the challenge. At the CMP Mortgage Summit, The Big Story spoke to industry veterans Gord Dahlen, of Dominion Lending Centres, and Ron De Silva, from RMAI Financial Group for their take on the issue.

More than 500 of the industry's best were on hand in Toronto to honour their peers at the sixth annual Canadian Mortgage Awards at The Carlu. A Roarin' 20s theme was the backdrop as mortgage industry leaders were recognized for their achievements.

More than 500 of the industry's best attended the two-day Mortgage Summit in Toronto, which was focused on giving brokers the tools, the insights and the knowledge they need in this dynamic market. That was the collective message of more than 40 speakers on two stages. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

The mortgage origination market is only going to become more competitive, says Top 50 Broker and Mortgage Summit panelist Calum Ross, and brokers who don't invest in themselves in order to differentiate their business might not be around for long.

One of the benefits for brokers of attending conferences is the opportunity to meet with others in the industry. With this in mind, Chris Davis, events and conference manager for KMI Publishing, talks about SYNCED a new meeting software being used at The Mortgage Summit to help brokers get the most out their time at Canada’s only independent business event for the Canadian mortgage brokering industry.

According to New Haven Mortgage president and CEO and Mortgage Summit panelist David Vyner, the outlook for private lending may depend on proposed refinancing rules and their potential effect on home prices.

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